7 Common Factors separating the Millionaires from others

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Everyone on the street aspires to live the life of the millionaires. You get to find hustlers running up and down, to and fro, carrying out their normal daily routines, all in a bid to make a living.

While this is on, quite a lot of us have grown in frantic determination and we usually say ‘this hustle will pay us one day’. You also get to hear statement like ‘one day, pepper go rest’ from some african folks, which literarily means plenty money will come one day.

First, it comes as imagination, and later metamorphose to a reality, but to only a few who actions their selling or business ideas.

In aspiring to become a millionaire, I have had to look around me to see what it feels or look like being one.

Taking out time to study the lifestyle of the few rich guys around, I found out quite easily that there are some special factors that separate the millionaires from others, listed below.

They read for personal development

A reader is a leader.

Show me one stable or consistent millionaire and I will tell you that one thing he has in common with other millionaires is personal development through reading and learning from others. 

Readers are leaders!

These sets of people have this as part of their daily habit. An entrepreneur with a leadership mindset wants to see that he maintains a healthy reading habit. 

Reading helps you to grow and learn without going to a business school. This fact is the reason why I don’t have enrolling in a business school as one on this list at the time of write this post, although it is essential and advisable.

Warren Buffett is an example of a multimillionaire who spends 80% of his day reading. According to Leon Ho, Lifehack CEO, “in the early days of Warren Buffets investment career, he would read 600 to 1000 pages in a single day.”

You want to check out books that made Buffet a Billionaire here.

He further stated that Thomas Crowley, in research he conducted indicates that about 85% of self-made millionaires read at least two or more books each month. 

To become a millionaire, reading for personal development as a daily habit will justify your learning strength and prepare you towards leadership.

Establish Multiple Sources of Income

If you want to live the life of a millionaire, you actually need to be yourself, a millionaire with multiple streams of income.

The millionaires are often regarded as the passive income addict. They have love for multiple investments in order to manage economic challenges and make more money. 

Have you wondered why they crave for more when they already have enough?

It’s only a natural characteristic. They are investors. They buy more properties for business purposes, buy shares and stocks, buy over businesses and manage them.

So they earn income from loans, rents from real estates, royalties from properties and investments. 

NB: This is most when you’re already a stable millionaire. You may not be able to diversify when you hardly have a 3square meal. 

Live on a Stipulated Monthly Budget

You may ask why should a rich fellow develop a habit of living within restrictive monthly expenses. 

You may feel it is foolish to starve when you have so much, isn’t it?

Well, it is this habit that has made many millionaires as they don’t just become one out of the blues. It doesn’t work that way for everyone. 

The whole essence of the monthly budget is to minimize unnecessary expenses and spend only on what matters on need, not mere wants. 

Don’t Act Rich, but be Productive.

The fact that there are folks who act rich when they are neither productive nor aspiring to, is quite unthinkable.

If you are rich, then it means you’re productive. According to a western experts, of the brands of exotic cars around, 86% of them are owned by non-millionaires.

Surprisingly, not everyone who’s on the Forbes’ rich list lives a life of luxury.

Many of us dream of what we would spend a billion pounds on. Exotic cars, expensive wears, private jets, lots of vacations, name them. 

The habit of millionaires toward expensive things is quite approachable. They spend on cars like Hondas, Toyotas, and Fords like the rest of the world. 

Afterall, the exotic ones depreciate in financial value with usage. The rich prefer to spend on assets that generate more money and opportunities. To them such luxuries are a waste when they are not producing long term positive impacts. 

Manage and Maximize Money

Have you ever thought to yourself why millionaires keep themselves informed about tax strategy  updates? 

They seek to reduce their taxes so as not to have a clog of unnecessary and avoidable tax bills. 

In order to reduce tax to almost 0%, some in the western world employ the strategy of living or incorporating their business in places with no income tax.

The millionaires have around them tax professionals to come up with creatives that could possibly help them reduce tax. With this, they save more money rather than offer them to the government.

It is called financial intelligence. 

You must have financial intelligence to be able to manage and Maximize Money. 

Avoid Debt or at least Manage debt well. 

One of the most tempting yet poverty inducing habits is debt accumulation. This is another habit that separates a millionaire from the rest of the world. 

Most of them may run their operations on some bank loans, but what stands them out is their ability to manage the debts well for the purpose it serves. 

Mark that. They loan strictly for business and are conscious of interest rates. 

They do not live an extravagant life of flamboyant, which is an easy way to accumulate debts on debts to live with.

I personally admire Mark Zuckerberg’s simplicity when he visited Nigeria a few years ago. He does not appear rich but achieves goals the world depends on today. 

The few millionaires I have met have one particular thing in common. They live with what they own and work for. No debt record and they are simply doing fine.

Set Daily Goals

Another habit that separates the millionaires from the rest of the world is that they set Daily, weekly, monthly goals. They also minsd the type of goals they set. 

Short term goals. 

Setting short term goals and nailing each with records of successes as evidence.

In fact, the mere goal-setting process they take is a unique engagement that transforms life more speedily than a thought expectation.

Own or Buy Businesses

It’s a major character of the rich to own a business they manage and grow. At one time, I have told a group of friends that you don’t claim to be a millionaire if you do not own a business or at least buy one over and nurture.

This is one of the factors that distinguish the millionaires from the rest of the world. They control various businesses from the moment the primary business stands solid.

Buttom Line

Regardless of whatever aspiration to become a millionaire, if you do not emulate some or all of the above-stated factors separating the millionaires from others, you are likely to end up playing away.

Conclusion

Hopefully, you found these post helpful.

In the subsequent post, you should get a free file where I cover the type of online businesses you can blog about to join the millionaires club doing legitimate businesses online.

There are proven strategies that have been able to brighten the journey of millions of people across the world.

With time, effort, and the proper application of the principles in the material, you too can become more.

Are there other factors that you think can be found in the lives of millionaires that can help someone’s lives? let us know in the comments below.

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